The Davis Companies Hires Tanya Mitchell as Director of HR and DEI Initiatives - Boston Real Estate Times
This year’s spring market was one for the history books as price spikes for single-family homes persisted in May.
According to the most recent S&P CoreLogic/Case-Shiller Indices, home prices saw a 16.6% gain in May, up from 14.8% in April. The price surge marked the second consecutive month of record-setting performance, according to experts.
National vacancy rates in the second quarter 2021 were 6.2% for rental housing and 0.9% for homeowner housing, according to the latest data from the Commerce Department. The rental vacancy rate increased 0.5 percentage points YoY (by 5.7%) and is 0.6 percentage points lower than the rate in the first quarter 2021 (6.8%). The homeowner vacancy rate of 0.9% remained flat YoY and virtually the same as the rate in the first quarter 2021 as well.
Home prices are up nationwide in May, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). Prices increased by 1.7% since last month and were up 18.0% from May 2020 to May 2021. The previously reported 1.8% price change for April 2021 was unrevised.
For the nine census divisions, seasonally adjusted monthly house price changes from April 2021 to May 2021 ranged from:
Mortgage forbearance rates decreased by 2 basis points from 3.50% of servicers’ portfolio volume in the prior week to 3.48%, as of July 18, 2021, according to the Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey.
MBA estimates there are currently 1.74 million homeowners in forbearance plans.